Board of Directors Report to the Extraordinary General Assemblies of the shareholders (owners of ordinary and preferred shares) of MICHANIKI S.A. at January 20TH 2009,according to the ordinances of articles 9 of I. 3016/2002 and 4.1.4.1.1 and 4.1.4.1.2 of the Athens Exchange Regulation for the share capital increase of the company in cash.